JBS continues to lengthen its debt profile. The 2026 issuance, with maturities out to 2057, extends a trend visible since at least 2021 — and runs contrary to the declining duration of the Bloomberg US Corporate index. As with oil and gas companies that have extended debt maturities, this may reflect a concern about future market access.
Book cover ratios for the new bonds were below the market average for comparable investment grade USD issuance — in both the 10yr and 30yr tranches. This echoes AFII's findings from the June 2025 issuance and may signal reduced investor appetite, potentially linked to ongoing deforestation and governance concerns.
Bond performance data suggests the JBS yield curve has steepened relative to US corporate benchmarks in 2026, with shorter bonds slightly outperforming and longer bonds underperforming. This is consistent with investors pricing a higher risk premium into long-dated JBS debt.
